Newspaper article THE JOURNAL RECORD

Bancoklahoma Reports Loss of $49 Million for Quarter

Newspaper article THE JOURNAL RECORD

Bancoklahoma Reports Loss of $49 Million for Quarter

Article excerpt

TULSA - As expected, a net loss of $49 million, or $8.19 per share, for the third quarter was reported by BancOklahoma Corp. Friday.

The company, which had a $12.46 million loss, or $2.32 per share, in the same quarter in 1987, had said it expected the loss on Sept. 30.

The net loss included a $47 million addition to its loan loss provision, which totaled $73 million at Sept. 30.

For the nine months, BancOklahoma had a net loss of $74.5 million, or $12.91 per share, compared to a net loss of $31.56 million, or $6 per share, for the first nine months of 1987.

About two thirds of the holding company's nonperforming assets involve real estate, said Leonard Eaton, chairman and chief executive officer. The additional provision permits the company to be more active in working out problem real estate loans and in marketing repossessed real estate, Eaton said.

The company is expected to report a profit for the fourth quarter and continue to be profitable in 1989, he said. …

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